PGG Wrightson has completed the sale of its strong wool business for $37.5 million.
PGG is selling the business to the Wool Company, which is a net entity formed by the Wool Industry Network.
PGG will hold a minority shareholding the Wool Company.
The initial sale price was $46 million, but PGG says the lower final price reflects the exclusion of its mid-micron business from the sale, closing debt levels and final due-diligence adjustments.
The mid-micron business has now been sold to the New Zealand Merino company.